Microsoft has officially entered the most elite club, the club of companies with a market capitalization exceeding $2 trillion.
The software giant became the second publicly traded US company, after Apple, to reach such a rating.
Saudi Aramco Oil Company also exceeded this level in the second trading day. This is despite its market capitalization now amounting to $1.88 trillion.
Aramco went public in 2019. It trades on the Saudi Tadawul stock exchange.
Microsoft’s market capitalization exceeded $2 trillion during trading on Tuesday. It closed at just under $300 million from that level. On Tuesday, its shares rose 1.1 percent to $265.51.
The company reached $2 trillion a little more than two years after it first surpassed the $1 trillion market capitalization.
The coronavirus helped get her there. The pandemic has meant that people are spending more time on their devices, which has led to increased demand for Microsoft computers, gaming systems and the cloud computing platform.
The stock market rally – along with the success of technology companies in particular – has lifted their shares.
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Microsoft stock has risen 64 percent since March 2020, when anti-pandemic lockdowns went into effect in the United States.
The stock has risen in value by 720 percent since Satya Nadella was appointed CEO in February 2014, succeeding Steve Ballmer.
Microsoft Evolves Under Nadella:
Nadella led the company to a cloud-first software strategy, expanding both the Azure public cloud business and cloud-based versions of Office and other application software.
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In April, the software giant announced that its sales rose 19 percent year-on-year to $41.7 billion for the three months ended March 31.
“More than a year into the pandemic, the digital adoption curves have not slowed,” the company’s CEO, Satya Nadella, said in a statement at the time. As we build the cloud for the next decade, expanding our addressable market and innovating across every layer of technology to help our customers survive and transform.
Apple’s market capitalization exceeded $2 trillion last August, and it currently stands at $2.24 trillion.
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Microsoft’s market value has increased since March 16, 2020, by about $960 billion, which is slightly more than Facebook’s current value of about $950 billion.
Microsoft has now joined its ranks, and Amazon and Google are seeking to join the $2 trillion club.
Amazon ranks third in the list of the largest technology companies by market capitalization. It was worth $1.76 trillion, followed by Google with $1.67 trillion.